|  AUG 1996

SIDEBAR: The Exchanges and Indices - Technical Analysis, Inc.

Listing of Exchanges and indicators. - Technical Analysis, Inc. THE EXCHANGES AND INDICES New York Futures Exchange (NYFE) The New York Futures Exchange, a wholly owned subsidiary of the New York Cotton Exchange (NYCE), has approximately 359 members holding 435 seats; its members include many of the country's largest and most prestigious brokerage houses. Pacific Stock Exchange (PSE) The Pacific Stock Exchange, located in San Francisco and Los Angeles, lists 1,784 different equity issues and 297 equity options. During 1994, option volume surged to 20.9 million contracts. PSE Technology Index The PSE Technology Index measures the performance of the technology sector of the US equity market and is considered one of the most consistent and accurate proxies for technology issues. The PSE is a price-weighted, broad-based index, representing 100 exchange-listed and over-the-counter stocks from 15 different technology-oriented industries. Approximately half the stocks, 51.1%, are listed on the NYSE, and approximately half, 48.1%, are listed on the NASDAQ. The PSE is price weighted; that is, the component stocks are given a percentage weighting based on their price. The PSE is calculated by adding the prices of the component stocks and using a divisor that is adjusted for splits and stock dividends equal to or greater than 10% of the market value of an issue. The index is calculated and disseminated every 15 seconds. Since 1983, the index has been disseminated to all major quotation vendors.

by Technical Analysis, Inc.